INDIANAPOLIS — Rolls-Royce has signed a long-term lease to occupy 404,000 square feet of office space in the former Eli Lilly Faris campus at 450 Meridian St. in Indianapolis. The four-building complex will be renamed Rolls-Royce Meridian Center. The company plans to consolidate 2,500 employees from various Indianapolis locations into the new campus beginning in April. The $58 million campus was constructed in 2001 and features a conference center, a cafeteria, a fitness center and parking facilities. Michael Cook, Dave Byard and Eric Steiner of UGL Services represented Rolls-Royce in the transaction. Jeff Luebker and Zane Brown of CB Richard Ellis represented the landlord, Eli Lilly & Co., in the transaction. Terms of the lease were not released.
Midwest
SOUTH LEBANON, OHIO — San Diego-based USA Properties has acquired a 117,000-square-foot, freestanding retail building in South Lebanon. The building, which is occupied by Lowe's Home Improvement Warehouse, sold for $5.1 million. Lowe's is one of the anchor tenants for the 450,000-square-foot Pavilion at Rivers Crossing, an under construction shopping center in South Lebanon. Ben Wineman, Tom Fritz and Mark Goldberg of Mid-America Real Estate Corp., along with Tracy Green of Ohio Realty Advisors, represented the seller, Rivers Power Crossing LLC, in the transaction.
MILFORD, OHIO — Viking Partners Fund I has purchased a retail center, which is located at 824 Main St. in Milford, for $3.45 million. The 108,922-square-foot center is occupied by Kroger, Dollar Tree, CATO, Sally Beauty, Great Clips, Aaron's Rents and Quizno's. The 88-percent-occupied center was sold by an Australia-based REIT.
CHICAGO — Chicago-based LG Development Group has broken ground on a 9,200-square-foot retail space at 1480 N. Milwaukee in Chicago's Wicker Park/Bucktown neighborhood. The development will offer up to four retail storefronts ranging from 1,445 to 3,765 square feet. California-based Native Foods Cafe has leased 3,100 square feet at the property and plans to open this summer.
FOREST VIEW, ILL. — North American Terminals has purchased the Old Dominion Freight Terminal in Forest View. Situated on 14 acres at 5500 W. 47th St., the 134-dock freight terminal was valued at $8.77 million. Mark Baumhart of Arthur J. Rogers & Co. represented the buyer; John Suerth of CB Richard Ellis represented the seller, Finch & Barry Realty, in the transaction.
EAST LANSING, MICH., KANSAS CITY, MO., AND NEW RICHMOND, WIS. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded three Fannie Mae DUS loans totaling approximately $9.8 million in Michigan, Missouri and Wisconsin. In East Lansing, the 54-unit Cedar Greens Portfolio, a student housing property near Michigan State University, received $6 million in funding under the Fannie Mae DUS Dedicated Student Housing Loan product. The 10-year loan amortizes on a 30-year schedule. The 251-unit Colonial Square Cooperative in Kansas City received a $2.44 million loan under the Fannie Mae DUS Limited Equity Co-op Loan product line. The 10-year loan has a 30-year amortization schedule. Finally, Creekside and Meadow Brook Apartments, a 48-unit complex in New Richmond, received a 10-year $1.35 million loan, which amortizes on a 30-year schedule, under the Fannie Mae DUS Small Loan product line. Michael Jehle of Arbor's Bloomfield Hills, Mich., office originated the loans.
NEW PHILADELPHIA, OHIO — An out-of-state private investor has acquired a 4,900-square-foot two-tenant retail building in New Philadelphia. The property, which sold for $1.15 million, is occupied by Aspen Dental and AT&T. Mark Luttner of The Luttner Retail Group represented the buyer in the transaction. The seller was not released.
BRECKSVILLE, OHIO — Cleveland-based Ray Fogg Building Methods has completed a sustainable renovation of an existing 28,000-square-foot building in Brecksville for Rambus Lighting Technologies. Constructed in 1991, the office/warehouse building will be used as Rambus' R&D facility. The more than $2.5 million renovation included the addition of LED lighting and specialty ceiling systems, including suspended wood ceilings in the common areas and the lab/production work areas.
WORTHINGTON AND COLUMBUS, OHIO — Cassidy Turley Commercial Real Estate Services has brokered two sales totaling $3.91 million in Ohio. In the first transaction, Cassidy's Todd Barcus represented Worthington-based Cott Systems Inc. in the $2.7 million sale of a 42,000-square-foot office building located at 350 Wilson Bridge Road in Worthington. Benton Benalcazar of Equity Inc. represented the buyer, ADD of Ohio, in the transaction. In the second transaction, Jeff Baur of Cassidy Turley represented Richard Stevens of Columbus in the disposition of a 48-unit multifamily property, located at 1827-39 Schrock Road in Columbus, to Schrock Group LLC for $1.21 million.
ELGIN, ILL. — DLC Management Corp. is planning the renovation Wing Park Shopping Center in Elgin. The company has pre-leased the retail redevelopment project to two tenants. Walgreens has signed 75-year lease for a build-to-suit, 14,820-square-foot prototypical store with a drive-thru and the existing Family Dollar will relocate and expand into an 8,400-square-foot space. Currently, the property is 80 percent pre-leased. U.S. Bank provided an $8.5 million loan for the project, which is slated for completion this fall.